Bank Witnesses Success with Big Data Analytics

Friday, February 28, 2014 - 6:04pm

Large financial institutions spanning the length of the United States encounter an incredible volume of data on a daily basis. It's not uncommon for a bank catering to millions of customers to operate through a cloud infrastructure capable of helping employees store and peruse a vast amount of account and transaction information.

David Thompson, executive vice president and CIO of Western Union Bank and contributor to Forbes, stated that his company generates a tremendous amount of data on a daily basis. In 2013, the organization handled more than 100,000 global transactions per hour, possessed nearly 70 million customers, and operated in more than 200 countries and territories.

Harnessing the Big Data acquired by this company was certainly an initial challenge. Western Union's multi-national operation required an environment capable of accurately displaying and managing account activity without the information looking like a complete mess. The data analytics working in conjunction with the company's cloud computing technology helped Thompson and his team maintain control.

Account security
It's no surprise that a financial institution such as Western Union is using data analytics to organize and interpret the raw information collected within its tens of millions of accounts. Because billions of dollars are potentially at risk, the business took systematic steps to implement a solid security protocol.

According to DataInformed, cloud analytics professional Ajay Dholakia claimed that taking a step back, assessing the data storage layout of a cloud server, and integrating it with contemporary security best practices is essential for any business, especially one such as Western Union.

"Big Data is one potential technology to help you prove your security posture," Dholakia claimed.

The professional is correct in concluding that data analytics tools can be used as a surveillance measure because the technology lets users easily scan information logs and track cloud activity.

Though there's no substitute for intuition in a creative industry, but big data certainly has its place in steering young designers and major fashion houses alike in the right direction for their next big show.